The deal will see Argos stores and collection points sold to Swift Partners, a new company which has been set up for this acquisition
Sainsburys has agreed to sell Argos for at least £120million in order to focus on its core food business.
The deal will see Argos stores and collection points sold to Swift Partners, a new company which has been set up for this acquisition.
But the supermarket said it is “business as usual” for Argos, which will continue to trade as normal. Argos operates through standalone stores, stores inside Sainsbury’s, online delivery and collection points. In addition, Swift will buy Argos’ pet insurance business and product warranty cover.
It will also acquire Sainsbury’s distribution centre located in Daventry and Sainsbury’s sourcing offices located in Shanghai and Hong Kong. The deal is expected to complete in February 2027.
Simon Roberts, Chief Executive of J Sainsbury plc, said: “Swift brings retail leadership, operational expertise, technology capability and long-term investment, alongside a deep commitment and belief in the future potential for Argos customers and colleagues.
“I would like to thank Argos colleagues for all of their commitment and hard work. Today is an important next step in building the strongest future for Argos and I would like to reassure our colleagues, customers and suppliers that it’s business as usual.”
Swift Partners is made up of retail specialists, including former Co-operative Group boss Richard Pennycook, former Morrisons chief operating officer Trevor Strain, and backed by Matt Truman and his retail investment and advisory firm, True Capital.
Sainsbury’s will get cash proceeds of at least £120million from the sale, with a £70million up front payment when the deal completes.
Mr Pennycook said: “We hold Argos senior management in high regard and plan to build on its strengths – bringing additional experience and skills to complement and augment the existing team.
“We see clear potential to strengthen Argos’s customer proposition, digital capabilities and nationwide reach.”
